KRS 67A.430: Rate of retirement annuity -- Workers' compensation benefits credit --

Increase of monthly annuity to $1,500 -- Annual adjustment.

(1) (a) For a member whose participation date in the fund is prior to March 14, 2013,

the rate of retirement an nuity shall be two and one -half percent (2.5%) of

average salary, as defined in KRS 67A.360(13), for each year of total service.

(b) For a member whose participation date in the fund is on or after March 14,

2013, the rate of retirement annuity shall be tw o and one -quarter percent

(2.25%) of average salary, as defined in KRS 67A.360(13), for each year of

total service.

(c) Fractional periods of service shall be considered in the calculation of such

annuities according to the rate provided by paragraph (a) o r (b) of this

subsection, based upon the participation date of the member.

(d) 1. Solely for purposes of calculating salary under this subsection, a

member who is receiving workers' compensation benefits from the

government shall be credited with any salar y the member would have

otherwise been paid while receiving workers' compensation benefits if

the member voluntarily elects to pay to the fund an amount equivalent to

the employee contribution established by KRS 67A.510 on the salary

the member did not rec eive during the period workers' compensation

benefits were paid.

2. If the member elects to make the employee contribution payment to the

fund authorized by this paragraph, the government shall pay to the fund

an amount equivalent to the employer contribut ion required by KRS

67A.520 on the salary the member did not receive during the period

workers' compensation benefits were paid.

3. The provisions of this paragraph shall be retroactive and shall apply to

all active members of the fund who have not retired and to any member

who retired on or after January 1, 2021.

(2) Any retiree or surviving spouse who, as of July 1, 2023, is receiving a monthly

annuity of less than one thousand five hundred dollars ($1,500) shall have his or her

monthly annuity increased to one thousand five hundred dollars ($1,500), except for

those retirees and surviving spouses of retirees who are receiving disability benefits

not due to occupational causes as provided by KRS 67A.470. The board shall

increase this annuity at the same rate as annually provided by KRS 67A.690(1), and

such increase shall be determined and granted annually thereafter by the board.

Once every two (2) years and solely at the board's discretion, the board may

increase the minimum monthly annuity provided by this subsection by no more than

ten percent (10%) above the most recent poverty level guidelines established by the

federal government for a two (2) person household and calculated on a monthly

basis.